GBP/USD bounced modestly from an intraday low of 1.2343,  now changing hands at around 1.2380. The pair edged sharply lower ahead of the US opening, despite the Eurozone and the United Kingdom celebrating Easter Monday, which kept local markets closed.

Wall Street, on the other hand, normally operated with US indexes trading mixed around their opening levels. The Dow Jones Industrial Average is up 0.14%, while the S&P 500 and the Nasdaq Composite remain in the red. Treasury yields, on the other hand, ticked north, with the 10-year note currently offering 3.41% and the 2-year note 4.0%.

The US Dollar advanced amid a dismal market mood, as market players are once again focused on a potential recession in the United States, following aggressive monetary tightening from the Federal Reserve (Fed) and the banking crisis that started last month.

The British Pound may find firmer directional strength on Thursday when the UK will release updates on the Gross Domestic Product, Industrial and Manufacturing Production, and the Trade Balance.